Smartphone prices have surged by 50% across Nigeria in one month (see price list)

Between August and September 2024, smartphone prices in Nigeria have increased by over 50% owing mainly to the country’s struggling currency exchange regime. The value of the nation’s currency, the Naira, has significantly declined against the dollar, currently trading at around ₦1,580.46 to $1 as of September 9, 2024.

The current situation has resulted in higher costs for imported electronics, particularly smartphones, rendering them significantly less accessible for the average Nigerian. This has made it increasingly difficult for Nigerians to keep up with the latest technology, exacerbating the financial strain on a population already struggling with high inflation and a high cost of living.

Even with the raise in the minimum wage to ₦70,000, many citizens will find it impossible to afford the new smartphones. For instance, it would take more than six months’ salary to purchase the cheapest iPhone 14 model, with prices for the iPhone 14 Plus starting at about ₦780,000, which was the price as of a month or two ago according to popular Nigerian smartphone vendor, @OgaBassey.

He says the month of September has seen prices surge by about 50%; hence, “new prices are higher and are already taking effect.“

Read also: Samsung dominates as global smartphone shipments rise by 6.5% in Q2 2024

How smartphone prices have changed

Apple’s iPhones, long considered premium products, have become more unattainable for the average Nigerian. The iPhone 15, released in 2023, now sells for ₦900,000. With the persistent currency devaluation, this price is expected to increase by 25% to 30%.

Samsung’s mid-range models have also seen steep price hikes. For example, the Galaxy A34, priced at ₦300,000, has surged by about 40%, while the Samsung A55 now costs ₦731,600,000. The flagship Galaxy S23 series starts at ₦1,114,000​

Infinix has historically catered to budget-conscious consumers, but even their prices have increased considerably. The Infinix Note 30 Pro, released in mid-2023, now costs ₦270,000, a notable rise compared to its predecessors​. Similarly, the Infinix Hot 40i is priced at ₦232,000​making it harder for lower-income Nigerians to afford.

Tecno has long been popular in Nigeria for its affordable smartphones, but prices are climbing. For instance, the Tecno Spark 20 Pro Plus now costs ₦373,000​ while the Tecno Camon 30 series ranges from ₦350,000 to about ₦850,000​

Redmi, another brand known for affordability, has seen a price hike as well. The Redmi A3, launched in 2023, now sells within the range of ₦125,000 to ₦126,000.

A comparison between smartphone prices vs minimum wage

Nigeria’s population is increasingly tech-savvy, with more citizens embracing smartphones as essential tools for personal and professional activities. 

In 2023, it was reported that about 44% of Nigerians had access to smartphones, and this percentage is expected to rise steadily. According to Statista, by 2025, the number of smartphone users in Nigeria will exceed 140 million, representing 66% of the population.

Despite this, more Nigerians are gradually being excluded from the ability to own a decent smartphone. For example, a minimum wage earner would need to save every penny of their salary for 18 months to afford the newly released iPhone 16, which starts at ₦1.26 million for the base 128GB model. 

The iPhone 16 Plus is priced at ₦1.42 million, while the iPhone 16 Pro and Pro Max cost ₦1.58 million and ₦1.89 million, respectively. These prices are well beyond the reach of many Nigerians, given the current economic situation.

Nigeria’s economic struggles, especially the unification of the foreign exchange market, have worsened the affordability crisis. The naira’s steep decline, from ₦769.51/$1 in July 2023 to ₦1,580.46/$1 in September 2024, has driven up the price of imported goods, including smartphones. 

With these price increases, the growing divide between the cost of smartphones and the average Nigerian’s income highlights the deepening economic struggles many face. For most Nigerians, purchasing a new phone has become more of a luxury than a necessity.

Smartphone prices today

These are the prices of randomly selected smartphones and their current market prices.

1. iPhone 16 (128GB) – ₦1.26 million
2. iPhone 16 Plus – ₦1.42 million
3. iPhone 16 Pro – ₦1.58 million
4. iPhone 16 Pro Max – ₦1.89 million
5. iPhone 12 Pro Max 6GB 128GB ₦884,000
6. iPhone 13 4GB 128GB – ₦832,000
7. Google Pixel 6 Pro 12GB 512GB – ₦1,145,910.21
8. Infinix Hot 40 Pro 8GB 256GB  – ₦312,650.00
9. Tecno Camon 30 12GB 256GB  – ₦463,710.00
10. Samsung S24 Ultra 12GB 1TB – ₦2,904,070.00 
11. Samsung S23 8GB 256GB  – ₦982,295.79
12. Samsung S24 8GB 256GB – ₦1,544,049.00 
13. Samsung S24 Ultra 12GB 256GB – ₦2,287,246.00 
14. Samsung S24+ 12GB 512GB – ₦1,697,410.00 
15. Oppo Reno8T 8GB 256GB 4G  – ₦456,040.00
16. iPhone 14 Plus 6GB 128GB E-Sim  – ₦1,066,000
17. Samsung S24+ 12GB 256GB – ₦1,491,802.00 
18. Tecno Phantom V Flip 5G 8GB 256GB  – ₦953,810.00
19. Google Pixel 8 Pro 12GB 128GB  – ₦1,196,000.00
20. iPhone 13 Pro 6GB 512GB  – ₦1,105,000.00
21. Infinix Note 40 Pro 8GB 256GB  – ₦497,900.00
22. Samsung Z Flip 5 8GB RAM 256GB – ₦1,419,325.98
23. Redmi Note 13 Pro+ 5G 12GB 512GB – ₦848,198.00
24. Google Pixel 7a 6GB 128GB – ₦585,208.35
25. iPhone 14 Pro 6GB 256GB – ₦1,404,000.00
26. Huawei Mate X5 16GB 512GB – ₦1,990,000.00
27. Samsung S22 Ultra 12GB 256GB – ₦1,142,384.33
28. Tecno Spark 20 Pro 8GB 256GB – ₦312,520.00
29. Infinix GT 20 Pro 12GB 256GB – ₦698,750.00
30. Samsung S24 Ultra 12GB 512GB – ₦2,492,854.00
31. Vivo V25 8GB 256GB – ₦532,231.22
32. Samsung Z Fold 5 12GB RAM 256GB – ₦1,950,000.00
33. Tecno Phantom X2 Pro 5G 12GB 256GB – ₦868,270.00
34. iPhone 12 Pro 6GB 256GB – ₦741,000.00
35. Google Pixel 7 Pro 12GB 256GB – ₦1,075,392.65
36. Infinix Zero Ultra 8GB 256GB – ₦270,000.00
37. Samsung Galaxy A15 LTE 8GB 256GB – ₦372,268.00
38. Tecno Camon 30 5G 8GB 512GB – ₦652,080.00
39. Redmi A3 4GB 128GB – ₦148,070.00
40. iPhone 14 6GB 128GB Physical Sim – ₦1,066,000.00
41. Google Pixel 8 8GB 256GB – ₦949,000.00